Levi’s reports ‘strongest revenue year for more than a decade’

The retailer reported that revenue for the full year increased by 8% to £4bn

Levi Strauss & Co has announced its ‘strongest revenue year for more than a decade’, in its report for the fourth quarter and fiscal year ending 26 November 2017.

Levi Strauss & Co’s direct-to-consumer revenues increased by 15% for the year, which was boosted by a 20% increase in Q4.

This was attributed to the opening of 53 stores throughout the year and a 13% in its Asian market.

Overall, the clothing retailer saw net revenue rise by 13% for the fourth quarter to $1.3bn (£1.06bn) while revenue for the full year increased 8% to $4.9bn (£4bn).

Although Levi Strauss & Co recorded a 20% increase in net income to $116m (£94.7m) in its fourth quarter, on a full-year basis it decreased 3% to $291m (£237m). This is said to have been partly caused by a $23m (£16.4m) loss on “early extinguishment of debt as a result of debt re-financing activities”.

Chip Bergh, president and chief executive officer, said: “Our growth and momentum accelerated in Q4 capping the strongest revenue year the company has had in more than a decade.

“Our strategies are working and the investments that we’ve made to diversify our business over the past few years are paying off, best demonstrated by the strength of the Levi’s brand globally.”